Bitcoin Cash Price Analysis: Will Bitcoin Cash Hit $4,000?

Bitcoin has been criticized for lacking the ability to scale. Currently, bitcoin only accommodates for seven transactions per second. Wary of its future, a few miners and developers sort to develop Bitcoin Cash with the aim of improving its scalability. This came after a disagreement with users who voted to incorporate SegWit2x technology.

The developers of Bitcoin Cash felt that this wouldn’t address the real issues facing future scalability issues and compromised on decentralization and democratization of the currency.

So how successful has Bitcoin Cash been and is it poised for mass adoption?

Bitcoin Price Prediction

After its launch in mid-2017, the coin was trading around $590 and after falling to a new low in October- $315, shot back up towards the end of the month to hit an all-time high of $4,000 by the end of the month. While most coins hit their all-time high at the beginning of the year, Bitcoin Cash was steady at $2500. When the bearish market hit, it dramatically fell below $2,000. After a steady couple of months trading above $1,500, the coin again fell below $1,000 in April. The coin however made a correction and regained its footing above $1,000.

In the last couple of months, it has been slipping further and further below and at the time of writing this is trading at $533.87. This a 1% surge in the last 24 hours. So, this is not only miles away from the $4,000 all-time high, but also the $1,000 mark. Will we see the coin make its way back to its all-time high?

The coin will require a forward momentum that triggers a price surge toward the $1,000 mark. Currently, the coin has a resistance level of $1,500 and a support level of $500, and only after breaking this resistance level can the coin be able to soar to its all-time highs.

BCH/(USD,BTC) Price Chart:

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